S. 4247 · 118th Congress
No Subsidies for Wealthy Universities Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
LeeSponsor2 cosponsors · 2 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill limits the indirect costs that are allowable under federal research awards to institutions of higher education (IHEs) with endowments above specified thresholds.
What it does: CRS summary · Introduced in Senate · May 2, 2024
No Subsidies for Wealthy Universities Act
This bill limits the indirect costs that are allowable under federal research awards to institutions of higher education (IHEs) with endowments above specified thresholds. (Generally, indirect costs represent expenses that are not specific to a research project but are needed to maintain the infrastructure and administrative support for federally funded research.)
Specifically, the National Center for Education Statistics (NCES) must annually collect information regarding the endowments of each IHE that has entered into a program participation agreement with the Department of Education.
With this collected information, NCES must identify and make lists of (1) each IHE with an endowment of more than $5 billion, and (2) each IHE with an endowment of more than $2 billion (but not more than $5 billion). NCES must submit these lists to the Office of Management and Budget, which must then distribute the lists to federal agencies, Congress, and the public.
The bill establishes the following limits on the indirect costs allowable under federal research awards:
- for an IHE with an endowment of more than $5 billion, the IHE is prohibited from using these awards for indirect costs;
- for an IHE with an endowment of more than $2 billion (but not more than $5 billion), the IHE is limited to an indirect cost rate of 8%; and
- for all other IHEs, an indirect cost rate of 15%.
The Government Accountability Office must annually report to Congress on indirect cost reimbursement on federal research awards for IHEs.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: No Subsidies for Wealthy Universities Act
Latest action (May 2, 2024): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Policy area: Education · Origin: Senate · Introduced: May 2, 2024
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.